All Forum Posts by: Tripp Warren

Hi all,

HUD IS HARD WORK!

I found a property by driving for $$'s and it had a nice little HUD posting on the door. I've reached out to FHA, to the management comany listed on the posting, to the person still listed as owner on the tax appraisal certs, and to the management company that paid the taxes last (not the same as on posting). I'm not really gaining any traction and I know only slightly more now than when I did a month ago. This property is a fantastic find. But I can't seem to find out who to contact or what stage of foreclosure it's in. My personal RE Agent wasn't a HUD registered agent. I had to find one in the area and the only one I could find is a 78 year old lady (nice as can be) but can't really figure out technology (email/internet).

What kind of tips do you all have for getting some traction in situations like this?

Desperately Seeking Sale,

Tripp

Andrew thanks for the extra info and someone had a good point on the Facebook post. That was to see if it would even qualify. Being a newbie, I hadn't even thought of that and to be honest, I'm not sure it would because of the rehab.

I'd like to connect and talk more about some options available. I'll be in touch within the next few days.

Thanks for the input @Joe Funari. I will definitely look up Andrew. This will be my first investment so I'm really digging in to creating connections in the lending area. 

Hi All, 

I posted this on the facebook groups, but I wanted to get some advice from some of you that don't frequent social media that much. 

I'm looking at a 3/2 SFH listed at 125K (probably could get for 100K) that needs about 8k rehab. I'm considering two options;

1) FHA loan and do the rehab then rent after a year. I can rent out my current home while doing this. Or

2) Conventional 25% down, hurry to rehab, then rent out.

The cash flow is much better obviously with the lower mortgage payment using Option 2. The down payment is nicer with option 1 but cashflow won't be realized until I move out and rent after year 2. Although, renting my current primary could help offset. I suppose I could cash out refi after the rehab to put into another property but I don't know that the rent could sustain the mortgage after the increase in value. 

Looking for suggestions or other options. Also, do they offer DSCR loans on SF?

@Rachel H. That was the case with this particular home. The seller didn't mention it and when I called to do my "due diligence", the park said they only allow owner occupied. I mean, I guess I see their point and I would probably do the same if I owned the park in order to keep better control of what type of tenants are there.

Hi all,

I'm new to investing. I'm currently searching and working several deals. The one that intrigues me is a mobile home in a park. I get that it scares off a lot of investors but I look at it like a Condo or Townhome. You don't own the property, just the structure. The park is a very clean and well managed national franchised park in a College Station TX. I'm not worried about keeping it rented. I understand that it will be more of a buy and hold and won't really have any appreciation potential but it will have great cash flow. 

The only thing I'm unsure of is how property taxes come into play since the property tax is covered by the park. Do they consider it like a vehicle and you pay tax just on the title?

Caleb I'm in the BCS area. I see this post is a month old. Do you have any still available?

I see how hacking can be off putting for some. However, I'm having a hard time seeing how it's much different from Condo living. Especially if you're able to live virtually rent/mortgage free in a 2,3,or 4 plex. If you currently own the condo out right with no mortgage and you put a tenant in it and house hack a SMF, the only thing I would be worried about is the capital gains on the condo. But alas, this is just what I've picked up from the podcasts and BP books. I'm currently prepping my primary to do the same thing!

Best of Luck!

Hi there!

I'm new to Bigger Pockets and investing. Lived in Burleson County most of my life and I'm looking forward to meeting some like minded folks. Unfortunately I have a previous engagement in Brenham tonight and wont be able to make it. Looking forward to the next event!